Trill Impact Fund Acquires Spain’s Aiuken Cybersecurity to Create a Cybersecurity Leader | Companies

The investment fund Trill Impact, backed by the asset manager Nordea Asset Management, has acquired the Spanish cybersecurity company Aiuken Security, specialized in detection, identification and protection services against cyber threats. This is the fourth purchase made by the fund in just a few months, after the Swedish Arctic Group, ID North and Pulsen IAM, with the aim of creating a European leader in the cybersecurity sector, to be called Allurity.

The entity has 900 million euros to develop this plan and build this European giant dedicated to security with a turnover of around 300 million.

The Spanish company, founded in 2012 by former Telefónica director Juan Miguel Velasco, its current CEO, was valued at 50 million euros, but the statement issued by the company does not reveal the economic terms of the operation. The EY consultancy has acted as an advisor in the sale process.

Aiuken Cybersecurity, which has accumulated growth of around 40% in recent years, expects to invoice 20 million euros in 2020, with an expected growth of 10% in EBITDA. The Spanish company currently operates in seven countries (Spain, Morocco, Saudi Arabia, United Arab Emirates, Chile, Ivory Coast and Puerto Rico) and has 300 clients and 120 employees. After its acquisition, Velasco will continue to lead the company.

The fund is confident in the success of its plan to build a group that comprehensively addresses cybersecurity, as it points out that the global cost of cybersecurity is estimated at 5.5 billion euros per year. In addition, remember that the European Union plans to invest 1,600 million euros between 2021 and 2027, since it is very interested in supporting business groups that become regional leaders and compete with guarantees against conglomerates from other countries such as China and the US.

Thus, Allurity’s growth will come from the acquisition of more companies. The fund claims to have the support of Brussels to build this project, which has among its objectives the development of the European digital identity, an important vertical within cybersecurity.

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